Nortel Calls It Quits, Gives Up On Restructuring
Nortel Networks, currently in bankruptcy protection both in the U.S. and Canada, has said that it will no longer attempt to restructure and revive its business. Instead, it will attempt to sell the remaining business units off. This news follows closely the recent announcement that Nokia Siemens Networks will purchase Nortel's CMDA / LTE businesses for $650 million. Nortel has not named suitors for its other business units. The company was once one of the premiere providers of networking equipment to wireless network operators, but a series of financial issues weakened it considerably before the worldwide economic downturn further crippled it. Nortel did not provide any information about how long it expects to continue operations, nor when it will permanently close.
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